SICO announce the execution of the sale purchase agreement for the sale of Novotel Al Dana Resort in Bahrain

SICO announce the execution of the sale purchase agreement for the sale of Novotel Al Dana Resort in Bahrain

SICO BSC (c), a leading regional asset manager, broker, market maker, and investment bank (licensed as a wholesale bank by the CBB), announces the completion of a key milestone of its advisory to Al Jazeera Tourism Company (AJTC) on the execution of a sale and purchase agreement for 100% of Novotel Al Dana Resort in Bahrain to Gulf Hotels Group.

Najla Al-Shirawi, CEO of SICO said, “SICO is pleased to have proficiently carried out our role in the success and seamless finalization of this sale for AJTC. We leveraged our established and diversified experience in managing and executing on varied transactions in Bahrain and across the region to offer the best in-class advisory services to AJTC in the finalization of their sale of Novotel Al Dana Resort.”

“SICO has expertly fulfilled its role as a trusted and experienced partner for us throughout the entirety of this process. Since the beginning of this transaction, the investment banking team has provided us with the invaluable advisory and efficiency that have allowed us to successfully accomplish this key milestone for our company,” said Hazem Al Mubarak, Chairman of AJTC.

Dr. Hafed Al Mutawa, Vice Chairman of AJTC, said, “The sale of Novotel El Dana Resort is